The National Credit Act introduced a formal debt rehabilitation program called debt review. This was set up to stop consumers from being placed into personal administration in South Africa. Debt review helps consumers work with a qualified debt counselor to assess and repay all debts in a restructured plan.
Debt Review Is Also Called Debt Counseling
When an individual finds him or herself struggling with debt, these professionals are there to help them resolve matters. They work with a team of legal experts and will help the consumer work out repayment plans with their creditors. The debt counselors will also help the individuals learn how to make good financial plans and decisions so that they can avoid becoming indebted in the future.
The counselor reviews all of the consumer’s financial records. They will contact creditors to resolve debts by negotiating lower interest rates and amenable repayment plans. A new budget gets drawn up with the consumer. This budget provides the guidelines the person needs to resolve his or her debts and practice new and better financial habits.
Benefits Of Debt Review
Two of the biggest benefits of this program are relieving stress and harassment. Instead of paying several bills each month and struggling to do so, the debt repayment plan requires just one payment per month. Also, while the consumer is going through debt review, the National Credit Act protects them from being contacted by any creditors thereby relieving the sensations of being hassled.
Intelligent Debt Management offers an efficient, caring debt review process. All counselors are qualified and registered with the NCR or National Credit Regulator. The debt counsellors are accountable for walking clients through each step of the debt resolution process. They will be given the best advice to solve their financial problems.
Intelligent Debt Management’ debt counsellors go the extra mile for clients. They do not just assess the financial situation but they also work with them to make sure they understand how to budget and manage money in the future. They are there to help them make manageable debt reduction plans and stick to those plans.
Any South African consumer who is classified as over-indebted can qualify for this debt solution review. The only requirement is that the consumer remains employed and continues to earn income. Intelligent Debt Management will make sure the consumer becomes debt free in five years and that they will manage their money wisely thereafter.